ID: MRFR/A&D/6925-HCR | February 2021 | Region: Global | 133 pages
The MRFR report predicts that the global space technology market will register a healthy growth rate of approximately 5.4% during the review timeframe from during the forecast period.
Space technology refers to a technology used in activities or travels beyond Earth's atmosphere for reasons such as space exploration or spaceflight. It includes space vehicles such as orbital launch vehicles, space stations, satellites, spacecraft; in-space propulsion; deep-space communication; and a broad range of other technologies including support infrastructure equipment and procedures. The global space technology market has registered a noteworthy spike in the growth rate in the past few years. The market's growth is mainly attributed to the growing innovations in the manufacture and launch of satellites—Furthermore, the factors such as the growing adoption of space farming and the development of space hotels. Moreover, the growing development of small satellites such as microsatellites, nanosatellites, and CubeSats is also projected to catalyze the market's growth over the coming years. The market has witnessed growth in demand for satellites by the military forces, which is likely to cause an upsurge in the market's growth over the assessment timeframe. On the other hand, the stringent government regulations related to satellite manufacturing, high costs related to research & development, and rising concerns relating to space debris are anticipated to act as a hurdle for the market's growth.
Segmentation of the Global Space Technology Market
On the basis of subsystem, the global space technology market has been divided into orbit, launch platform, launch vehicle, and payload. The payload segment dominated the global market in 2018. However, the launch vehicle segment is projected to expand at the highest CAGR during the forecast period. Increasing developments in the field of satellite launch vehicles are expected to drive the growth of the segment. For instance, the Indian Space Research Organisation (ISRO) developed a small satellite launch vehicle (SSLV). The vehicle has a payload capacity of 500 kg and can support multiple orbital drop-offs.
Based on end use, the market has been divided into civil, commercial, and military. The commercial segment dominated the market in 2018 and is expected to register the highest CAGR during the forecast period owing to the increase in the number of satellites being launched by companies worldwide. For example, in May 2019, SpaceX launched 60 Starlink satellites to offer high-speed Internet connectivity across the globe. Furthermore, the growing concept of space tourism is expected to drive the growth of the segment.
In terms of region, the global space technology market has been divided into North America, Europe, Asia-Pacific, and the rest of the World. The North American market dominated the global space technology market in 2018 owing to the presence of prominent space organizations such as NASA. However, Asia-Pacific is expected to be the fastest-growing market during the forecast period. The availability of low-cost satellites and advanced technology are driving the growth of the market in the region. Furthermore, increasing number of space technology start-ups such as Bellatrix Aerospace (India) Private Limited and Exseed Space (India) is anticipated to drive the growth of the market in the region.
The key players in the global space technology market include Ball Corporation (US), Intelsat (Luxembourg), Airbus SAS (Netherlands), Boeing (US), IAI (Israel), Lockheed Martin Corporation (US), Eutelsat Communications SA (France), Northrop Grumman Corporation (US), Space Exploration Technologies Corp. (US), Space Systems/Loral, LLC (US), Thales Group (France), SES SA (Luxembourg), Viasat, Inc. (US), Safran (France), Leonardo SpA (Italy), General Electric (US), Honeywell International Inc. (US), United Technologies Corporation (US), Teledyne Technologies Incorporated (US), Transdigm Group, Inc. (US), and NEC Corporation (Japan).
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
MRFR offers report customization to valued customers. Below are the options available for customization:
In-depth profiling of additional market players (3 to 4 companies)
Detailed analysis of a country-level market and related segments as per the report scope (subject to data availability)
Frequently Asked Questions (FAQ) :
Global Space Technology Market is projected to register a moderate 5.4% CAGR in the forecast period.
The services segment is expected to observe substantial demand over the review period.
Modernizations in the production and launch of satellites are fueling the evolution of the space technology market.
The OEM segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global space technology market are Analytical Graphics (US), Etamax Space (Germany), Exoanalytic Solutions (US), among others.